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Covenant Transportation Group announces 2018 third quarter results

Covenant Transportation Group, Inc., announced financial and operating results for the third quarter ended September 30, 2018.

Highlights for the quarter included the following:

Total revenue of $243.3 million, an increase of 36.2% compared with the third quarter of 2017.

Freight revenue of $214.6 million (excludes revenue from fuel surcharges), an increase of 34.6% compared with the third quarter of 2017.

Operating income of $16.2 million and an operating ratio of 93.3%. Adjusted operating income(2) of $16.9 million and an adjusted operating ratio(2) of 92.1%. This compares with operating income of $9.0 million and an operating ratio of 94.9% in the third quarter of 2017.

Net income of $11.6 million, or earnings per diluted share of $0.63. Adjusted net income(2) of $12.1 million, or adjusted earnings per diluted share(2) of $0.66. This compares with net income of $4.6 million, or $0.25 per diluted share in the third quarter of 2017.

For further information contact:

Richard B. Cribbs, Executive Vice President and Chief Financial Officer, RCribbs@covenanttransport.com

For copies of Company information contact:

Kim Perry, Administrative Assistant, KPerry@covenanttransport.com

To access full article and financial information directly from the company,
click here.

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